Sink or Swim:

Why wealth management can’t afford to miss the digital wave

The rise of technology has altered how we live and the speed with which we engage with one another. But how does this impact wealth management – a proposition predicated on personal service, where clients pay for solutions and advice tailored to their individual investment goals, day-to-day financial needs and attitudes to risk? PwC has surveyed over 1000 high net worth individuals and interviews with 100 client-facing relationship managers who work in wealth management firms to explore the digital opportunities that the industry is powerfully positioned to exploit.

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Key messages

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Low digital response

Wealth management stands today as one of the least tech-literate sectors of the financial services industry, and is falling well behind non-financial services industries – a status that is threatening its survival.

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Low client advocacy

This conflict within wealth management firms, combined with a client-base that feels only weak affiliation to its chosen providers, is creating a sector that’s now acutely vulnerable to digital innovation and disruption from FinTech incomers, including robo-advice services.

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High tech appetite

This conflict within wealth management firms, combined with a client-base that feels only weak affiliation to its chosen providers, is creating a sector that’s now acutely vulnerable to digital innovation and disruption from FinTech incomers, including robo-advice services.

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HNWIs advocate paying for expertise

The perceived value of a wealth management firm is driven by a combination of personal relationship and investment results.

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Client advocacy: why digital complacency is not an option

Ignoring this state of affairs is not an option. If firms do not respond and adapt now, they are not going to survive in the medium to long term.

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Meeting client expectations for an online interface

At the same time, firms need to address their digital transaction capabilities, specifically the online interface provided to clients.

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What our Wealth Management Leaders have to say


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Contact us

Barry Benjamin
Global Asset and Wealth Management Leader,
PwC US
Tel: +1 (410) 659 3400
Email

Kevin Burrowes
Global Banking and Capital Markets Leader,
PwC UK
Tel: +44 (0) 20 7213 1395
Email

Alan Gemes
Private Banking and Wealth Management, Co-Leader Strategy&, PwC UK
Tel: +44 (0) 20 7212 5265
Email

Andreas Lenzhofer
Private Banking and Wealth Management, Co-Leader Strategy&, PwC Strategy& Switzerland
Tel: +41 79 820 08 03
Email

Andrew Hogan
UK Private Banking and Wealth Management Leader, PwC UK
Tel: +44 (0) 20 7804 5508
Email

Thomas Holly
US Asset & Wealth Management Leader, PwC US
Tel: +1 (410) 215 0627
Email

Justin Ong
Asia-Pacific Asset & Wealth Management Leader, PwC Singapore
Tel: +65 6236 3708
Email

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